Online Gambling Market to Grow by $114.21 Billion

27 February 2022 5:53pm

The growing demand for mobile gambling is one of the key drivers of the market. One of the major drivers for the global online gambling market is the increasing penetration of smartphones. Smartphone penetration is increasing because of the declining average selling price (ASP) of smartphones and the developments in communication network infrastructure. Smartphones provide a convenient and intuitive interface for playing casino games and e-sports. Smartphone users engage extensively with their mobile devices on an intermittent basis, for short to long periods of time.

The growing online data security issues are challenging the growth of the market. Most gambling websites do not have a proper dispute resolution framework and lack transparency in cash prize payouts; they also do not have fair and responsible casino gaming standards, which reduces the credibility of gambling operators and platform providers. This credibility issue has a negative impact on the scaling of the casino business and discourages new users from joining gambling games, such as casinos and poker.

By type, the online gambling market report is segmented into lottery, betting, and casino. The lottery segment is expected to have significant market share growth during the forecast period. This is due to its high popularity as a source of entertainment, especially in developed countries, where the disposable income is high.

By device, the market is segmented into desktop and mobile. The desktop segment dominates the online gambling market in terms of market share; however, the mobile platform is the fastest-growing segment. Desktop still holds the largest share of the market, as desktop devices offer a better experience as they have bigger display screens compared with mobile devices.

By geography, the market is segmented into APAC, Europe, MEA, North America, and South America. APAC will be the leading region with 36% of the market's growth during the forecast period. China is the key market for online gambling in APAC.